Industry Voices
 
The economy is in a sweet spot right now as the adjustment process regarding major reforms of the past few years is largely stabilised and industry is ready for a fresh phase of investment while capacity utilization builds up. Industry is looking forward to GDP growth rate picking up to close to 8% over the next couple of years. Fiscal prudence, able macroeconomic management, and strong reforms process have set a sound foundation for growth. 
Mr. Rakesh Bharti MittalPresident, CII, 2018 - 19

The economy is on a continuous upward trajectory, moving from strength to strength to meet elevated consumer and infrastructure demand. With GST now well settled, industry expects sustained strong sentiments which will power future growth in coming months.  Third quarter capacity utilization for 2017-18 stands at a 4-year high of 74.1%, implying that investments will now gather pace. This is certainly a huge boost to the economy. All sectors have been seeing robust demand conditions, picking up from the rural economy, and industry is confident that with normal monsoons for most of the country, this will remain a powerful stimulant for growth. 
Mr. Rakesh Bharti MittalPresident, CII, 2018 - 19

The impact of sustained structural reforms is now being felt on the ground as a mammoth economy is turning around. Businesses across several key sectors are experiencing firm growth in sales and orders, indicating better capacity utilization and higher investment expectations. The feedback from businesses is that the rebound in the economy is now firmly entrenched and the positive impact of the actions taken by the government, including major structural reforms, are being felt on the ground. 
Mr. Rakesh Bharti MittalPresident, CII 2018 - 19

As Industry we must focus on the districts which are not moving up in the value chain in providing access and equal opportunities in terms of health, nutrition, education, potable water, basic infrastructure. Both government and Industry need to work together to present demonstrative development initiatives to the country. The community also needs to take charge of their lives, with the need to have an integrated approach including this aspect in the school and college curriculums.
Mr. Rakesh Bharti MittalPresident, CII 2018 - 19

India’s economic environment has begun to improve due to the introduction of major reforms such as GST, Insolvency and Bankruptcy Code, fixed term employment and so on. Industry must respond positively and undertake investments to sustain the recovery. 
Mr. Rakesh Bharti MittalPresident, CII 2018 - 19

India has been a strong votary of a WTO and multilateral trading system. Indian Industry too has always supported and championed the cause of multilateral trading system. Indian Industry strongly favors an early conclusion of Doha Round without diluting its core developmental spirit. While two new areas – E-commerce and Investment facilitation are being discussed at the WTO, a lot more needs to be done in terms of understanding the scope of these proposals and its impact. Care must be taken according to her to preserve domestic policy space.
Ms Shobana KamineniPresident CII, 2017 - 18

Government, regulators and industry must act fast to address systemic risks in the financial sector. The three key solutions for the banking sector are better management and operational efficiencies, use of technology such as blockchain and big data analytics, and lowering Government shareholding in public sector banks. Such financial malfeasance perpetrated by a collusion of unethical business entities and corrupt officials should not lead to a situation where funds to industry get choked. It is time for the Government to consider consolidation of PSBs and develop a few strong banks adhering to best standards in governance, accountability and transparency. The regulator must institute supervision systems aligned with the changing dimensions of banking and technology to deter misconduct by individual players. 
Ms Shobana KamineniPresident CII, 2017 - 18

The Budget provides impetus to the sectors of agriculture and rural economy with many significant measures which will add to overall consumption and demand and boost growth. The support to MSME sector through lowering of corporate tax rate to 25%, increase in access to finance, and addressing non-performing assets would help alleviate the stress in the sector. As in previous Budgets, the Finance Minister has introduced some innovative steps which will add comfort to citizens and strengthen key growth drivers.   
Ms Shobana KamineniPresident CII, 2017 - 18

CII is of the firm belief that the current blip in growth rates is temporary and we are confident of a strong recovery by fiscal year end as industry gets over the teething problems of GST and other positive measures take effect. New investments will also start early next year as capacities fill up.
Ms Shobana KamineniPresident CII, 2017 - 18

ASEAN countries with India can yield numerous benefits. For example, larger markets can bring about economies of scale in production and enhance competitiveness. Integration of markets can facilitate the movement of production networks and attract more foreign direct investment along with the benefits of knowledge and technology transfer and opportunities to connect to regional and global supply chains.
Ms Shobana KamineniPresident CII, 2017 - 18

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